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International Internet Magazine. Baltic States news & analytics Monday, 19.08.2019, 03:20

Estonian software robotics co Flowit boosts earnings 26% on year

BC, Tallinn, 13.03.2019.Print version
The software robotics company Flowit Estonia OU belonging to Estonian owners raised its profit 26% year over year to 192,000 euros in 2018, while revenue was stable at 1.1 mln euros, reported LETA/BNS.

Andres Aavik, board member and CEO of Flowit Estonia OU, said that the company's performance last year was affected the most by its leaving an international group and adopting a new business name, as well as investments made in new lines of business.

"A year ago we bought out the business from the listed Swedish company Knowit AB and adopted Flowit as our new brand. Where earlier we used to be active mainly in the development and testing of software, in recent years we have focused on the field of automation of robotic work processes and made investments in the development of products based on artificial intelligence (AI) technology," Aavik said.

As at the end of 2018, Flowit employed a workforce of 15 people translated into full-time workers. Since March 2018, the owners of  Flowit are Juhan-Madis Pukk and Andres Aavik.

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